There are currently many misconceptions about Costa Rica when it comes to property prices. The news and media are currently leading many people to believe that real estate prices in this country are out of reach for most people. After living here for a few years, I found that there are still plenty of investment opportunities available. The problem most people faced is dealing with real estate agents. Many real estate companies are in business to make money and they want you to look at the properties where their commissions are the highest.
When buying property in a foreign country, it can be difficult to know who you can trust and who you can’t. This tends to lead people to trust what they know in order to protect their investment by using someone else’s knowledge. It is important to understand that it is not always necessary to use a real estate agent to find a very affordable property or house to buy. Many people in Costa Rica are not in a hurry to sell their property and they also don’t really understand the fact that they have to pay a real estate agent to sell their home or business. Faced with this commission proposal, many choose to wait for someone to arrive in order to deal with them directly without having to pay. This is a great benefit for you, the buyer, to take advantage of. But where do you start?
Self-employment is very popular in this Central American country. Many men and women do various kinds of odd jobs to support their families. They are very good at this even though their income is very low. By asking, you can find some of them who are trustworthy to help you in your cause. You have to be careful because they tend to try to take advantage of people from other countries just for the chance to make money. On the other hand, there are some who are very honest and will do almost anything to help you. These men and women know people all over the country and keep a close eye on everything that’s for sale. They don’t care if it’s a cow, a chicken, a car, or a small property that sits on the Pacific coast. You can hire these people to find you a home or business for sale where you will pay pennies on the dollar compared to what a real estate agent will charge you.
Probably more than 90% of real estate construction in Costa Rica is made up of cement and cement blocks. The reason for this varies from place to place, but in general it is because they believe that concrete foundations and walls will resist earthquakes better than wooden buildings. The use of insulation is almost non-existent and in most places, unless they are located on the coasts, it is not necessary. If you like the idea of being your own general contractor, you can build a house here very cheaply. Typical construction-to-completion costs for a typical three-bedroom home can range from $30-$40,000. Property costs can range from $1,000 per acre and up.
To sum this up in a nutshell, this is where you can start. Plan a trip to visit Costa Rica and set aside some time to search for real estate. Upon arrival, find a copy of the Tico Times newspaper if you speak English, or the largest Spanish-language newspaper in the country called La Nación. If your cell phone doesn’t work here, you can find one to rent that’s very affordable. Many of these phones come with unlimited minutes for around $10 a day. You can rent a car by searching the newspaper with full coverage insurance and unlimited mileage for about $35 a day. This amount is well below the rates you’ll pay at most chain car rental locations. Get in touch with people who have real estate you’re interested in and find out if they speak your language. If not, make a note to call them back when you have someone who can interpret for you. The newspaper may also help you find someone to help you with your Spanish if needed. Ask many of the people you meet if they know someone who can help you communicate while you’re here and who is trustworthy. Make sure they come with good references so you don’t have to worry about theft.
Some of the places you can look to find someone to help you may include large and small local supermarkets, your hotel, furniture and appliance stores. Be sure to ask each and every person you call from the classifieds if they have any ideas as well.
The majority of the population of Costa Rica is very hardworking, although the salary is usually around two dollars an hour. If you buy a house, small farm or ranch in the country, you can hire an individual or a family to take care of you and your property. For much less than you can imagine, they’ll clean your house, cook your meals, tend your garden, and watch over your property while you’re away. Most Costa Ricans are very interested in learning English or another foreign language if it means generating income. Basic things are usually very easy to express even without the use of Spanish. There is always someone nearby who speaks English, French, German, and sometimes even Russian.
By using some of the methods discussed in this article, you may be able to find a property, or a house, that you can buy for the right price. This procedure won’t produce results as quickly as a real estate agent, but you won’t go bankrupt as quickly, either.
Some final notes of caution! When you visit Costa Rica, never let anything you own be out of sight. Theft rates for foreigners are exceptionally high. As long as you carry what you have with you, the chances of something going wrong are very small. Don’t leave valuables locked up in your car or at your hotel unless you have someone watching them for you. Don’t wear expensive jewelry in public and always keep a tight rein on anything you want to keep. Does this mean that you have to worry about your physical well-being? Usually there are only problems with theft. Rarely are people assaulted or harassed in any way. If you feel uncomfortable in an area, you should leave it.
There is real estate in Costa Rica that is still available and will be for many years to come that could not be better described than Paradise. The climate and clean air alone are enough to make most people want to stay here forever. Make sure you find a good lawyer who comes with lots of references from the locals and also from people in the area who speak your language. Use this attorney to make sure the title to this property you have an interest in is clear and free of liens or outstanding past due bills. The legal system in this Third World country is not the same as in the United States and other more advanced countries.